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January 31, 2022

8 Cyber security threats (and how to prevent them)

Many people naively believe that malicious software is primarily transmitted via adult sites, gambling platforms, illegal streaming services, and other online meccas of vice. While that’s a nice thought, the truth of the matter is that many of the most fertile breeding grounds for online viruses are legitimate small and mid-sized businesses—and yours could be one of them.

We know what you might be thinking: “But we’re just a small business. Why would cyber criminals ever target us?” The thing is, cybercriminals actually prefer smaller businesses because they’re less likely to have cyber security experts in place to detect their malicious code, meaning you could unknowingly distribute it to users around the world for weeks, months, and even years.

According to Forbes, over 30,000 sites are hacked every single day, with a new attack happening somewhere on the web every 39 seconds. We know that sounds scary, but the good news is that there’s actually a lot you can do to protect yourself and your business should any of them happen to you.

To that end, here are eight cybercrimes being reported in 2022 with actionable tips for how to prevent them.

1. PHISHING

What is phishing?

This is by far the most popular method of cyber-criminal activity, which is, unfortunately, a testament to how successful it is. Phishing is when criminals pretend to be legitimate members of a business and send fraudulent emails—often accompanied by suspicious links—in an attempt to collect personal information and/or funds.

How to protect yourself from phishing attempts:

  • Enable an email filtering solution that pre-screens emails for potentially malicious attachments and links. If using Office 365, we strongly recommend enabling the Microsoft Advanced Threat Protection add-on.
  • Include multi-factor authentication protection on all network administrator accounts and any other user accounts with elevated permissions within your network.
  • Implement employee training programs so your staff can more easily recognize and avoid blatant phishing attempts. Send out random “test” emails disguised as a phishing attack to identify which team members require additional training.

2. RANSOMWARE

What is ransomware?

This is one of the fastest-growing cybercrimes thanks to how lucrative it can be against unsuspecting businesses. Ransomware is when hackers take control of your system and hold your important information hostage until you meet their demands

How to protect yourself from ransomware attacks:

  • Add multi-factor authentication protection on all remote access to your network (including any remote desktop protocol connections), email servers, cloud services, and data backup solutions.
  • Use a robust backup solution that is either disconnected (“air-gapped”) from your network or segregated from your network with multi-factor authentication access control. Backups should be tested frequently and, ideally, be capable of restoring essential functions within 24 hours in the event of a widespread ransomware attack across your network.
  • Implement next-generation anti-virus protection, including automated endpoint detection and response functionality on all endpoints. All detected endpoint activity should be monitored and investigated 24/7/365.

3. SPYWARE

What is spyware?

Spyware is a common method of credit card fraud, in which the criminals install malicious software on the victim’s computer or smartphone. Unknowingly to the user, the spyware runs in the background, collecting your sensitive information and sending it back to the criminal.

How to protect yourself from spyware attacks:

  • Implement next-generation anti-virus protection, including automated endpoint detection and response functionality on all endpoints. All detected endpoint activity should be monitored and investigated 24/7/365.
  • Add multi-factor authentication protection on all remote access to your network (including any remote desktop protocol connections), email servers, cloud services, and data backup solutions.

4. SOCIAL ENGINEERING

What is social engineering?

Social engineering is the psychological manipulation of people—using technology—to divulge confidential information or perform actions the criminal wants. Common methods include email infiltration, redirected payments, and “Forgot Password” overrides.

How to protect yourself from social engineering attempts:

  • The #1 way to avoid a social engineering claim is to implement a callback provision/procedure for any request to wire payment or change a bank routing number. This procedure should include double-checking the phone number you are calling to confirm payment and/or changes with an outside source (i.e. website, emails, etc.) as the email providing instructions could be compromised and show the fake number of the criminal.
  • Enable an email filtering solution that pre-screens emails for potentially malicious attachments and links. If using Office 365, we strongly recommend enabling the Microsoft Advanced Threat Protection add-on.
  • Include multi-factor authentication protection on all network administrator accounts and any other user accounts with elevated permissions within your network.
  • Implement employee training programs so your staff can more easily recognize and avoid social engineering attempts. Send out random “test” emails disguised as a scam attack to identify which team members require additional training.

5. BRICKING

What is bricking?

As the name implies, bricking is when a hacker enters a computer system and renders it completely unusable, making it more or less a brick. This causes major issues of business interruption, data loss, and—commonly—blackmail.

How to protect yourself from bricking attacks:

  • Add multi-factor authentication protection on all remote access to your network (including any remote desktop protocol connections), email servers, cloud services, and data backup solutions.
  • Use a robust backup solution that is either disconnected (“air-gapped”) from your network or segregated from your network with multi-factor authentication access control. Backups should be tested frequently and, ideally, be capable of restoring essential functions within 24 hours in the event of a widespread bricking attack across your network.
  • Implement next-generation anti-virus protection, including automated endpoint detection and response functionality on all endpoints. All detected endpoint activity should be monitored and investigated 24/7/365.

6. DEPENDENT BUSINESS INTERRUPTION

What is a dependent business interruption?

Also known as contingent business interruption, this is a situation in which cybercriminals shut down or hinder a third-party vendor your company relies on. This could include network servers, parts manufacturers, supply chain links, and more. Whether you’re the primary target or not, your company will not be able to conduct business as usual until that critical service is restored.

How to protect yourself from dependent business interruptions:

  • This is a tough one because the fact that it’s another business being targeted means it’s mostly out of your control. You can, however, share this article with your dependent businesses and recommend they take proactive cybersecurity measures (if they haven’t done so already).
  • Collect certificates of insurance from all of your dependent businesses showing adequate cyber insurance limits.
  • Develop and implement contingency plans should one of your dependent businesses go down for an extended period of time.
  • Use a robust backup solution that is either disconnected (“air-gapped”) from your network or segregated from your network with multi-factor authentication access control. Backups should be tested frequently and, ideally, be capable of restoring essential functions within 24 hours.

7. INVOICE MANIPULATION

What is invoice manipulation?

Invoice manipulation is a scam in which cybercriminals gain access to an employee’s email and use it to communicate with your vendors and customers. They often wait for a transaction to take place, then swoop in and ask the payor to make it out to a different bank or account at the last minute, ensuring the money gets directed to them and not you.

How to protect yourself from invoice manipulation attempts:

  • Add a mandatory provision that any changes to a bank account or routing number can only be handled over the phone and never via email. Then make sure your customers, vendors, etc. are all aware of this change so if they ever receive an email asking them to make a change, they will know it is fraudulent.
  • Enable an email filtering solution that pre-screens emails for potentially malicious attachments and links. If using Office 365, we strongly recommend enabling the Microsoft Advanced Threat Protection add-on.
  • Include multi-factor authentication protection on all network administrator accounts and any other user accounts with elevated permissions within your network.
  • Implement employee training programs so your staff can more easily recognize and avoid invoice manipulation and other blatant scam attempts. Send out random “test” emails disguised as manipulated messages to identify which team members require additional training.

8. CRYPTOJACKING

What is cryptojacking?

Okay, so this is a unique one. Cryptojacking is when cybercriminals embed themselves in your computer system and use it to mine for cryptocurrency such as Bitcoin. This allows them to avoid the expensive hardware and large electricity bills typically required to mine blockchain-based digital currencies.

How to protect yourself from cryptojacking attacks:

  • Enable an email filtering solution that pre-screens emails for potentially malicious attachments and links. If using Office 365, we strongly recommend enabling the Microsoft Advanced Threat Protection add-on.
  • Add multi-factor authentication protection on all remote access to your network (including any remote desktop protocol connections), email servers, cloud services, and data backup solutions.
  • Implement employee training programs so your staff can more easily recognize and avoid phishing and other blatant cryptojacking attempts. Send out random “test” emails disguised as a phishing attack to identify which team members require additional training.

EXPLORE YOUR CYBER INSURANCE OPTIONS WITH THE CHRISTENSEN GROUP

When it comes to the ever-changing landscape of cybercrimes, our best advice is to make sure you are fully protected in the event that one of these nasty attacks takes aim at your business. Of course, even if you have the absolute best security measures in place, it won’t protect you from the biggest vulnerability to your business—human error.

All it takes is one brief lapse in judgment by an employee to create significant exposure and put your business at risk. That’s why one of the best things you can do is set up ongoing cybersecurity training and testing.

Read our complete guide to cyber insurance to learn more or contact us today and one of our cyber insurance experts will walk you through the security requirements you need to meet and help identify your business’ online liability risks.

About the author

Through extensive experience in his previous role as an underwriter, Zach has specialties across the liability spectrum. His primary focus at Christensen Group spans Management Liability (Directors & Officers/Employment Practices/Fiduciary/Crime), Cyber Liability, Professional Liability/Errors & Omissions, Social Services/Non-Profit Organizations, Habitational/Multi-Family Housing, and Restaurant/Retail industries.

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